March 10, 2022 by Daran Wastchak
#019 What Is the Best Exit Strategy For A Business?
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In this episode, host Daran Wastchak will be talking about, “The best exit strategy for a business.”
To be clear, he's NOT going to be saying that you need to sell your business… or even HOW to sell your business.
Instead, he's going to tell you how to build your business so that it’s ready for you, the owner, to exit...
When you choose, that provides you with maximum income, and maximized freedom.
Every listener will have an opportunity to answer a very simple question that will tell them, right away, how free they are as a business owner.
For those that answer the question, Daran will be sharing what many, many other small business owners have said in response to this same simple question.
The results may surprise you, but then again, maybe they won’t!
Enjoy the show and don't forget to...
Stay focused on your freedom!
Here's a glance at this episode...
- [02:44] Buyers were not offering me what I needed to exit my business.
- My business wasn’t saleable.
- The company relied too much on my reputation, my knowledge, my client relationships, and my leadership.
- My leadership team was not ready to take on the business without me.
- [04:23] You want to be able to exit when you are ready.
- [04:44] When you receive maximum dollars upfront your income from the sale is maximized.
- Stay away from earnouts.
- [08:11] I worked with the EMyth Organization and realized..
- We had no vision or core values.
- We had no hiring or review process for my employees.
- There were no Key Performance Indicators (KPIs) in place.
- My leadership team was not prepared and there were no goals for us to reach for.
- [09:36] After empowering my team to take on a greater leadership role, they were ready to purchase my business.
- [12:54] Take my Business Survival Survey.
Links mentioned in this episode:
- Business Survival Survey
- Four Levels of Freedom Survey
- Four Levels of Freedom for small business owners
- Daran’s article and podcast on the “Four Levels of Freedom”:
- SBA Frequently Asked Questions About Business, December 2021
- Join my email list!
